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4
October 2016
I had
mentioned in Monday’s closing report that Sensex, Nifty were likely to record
more gains. The major indices of the Indian stock markets were range-bound on
Tuesday and closed with small gains over Monday’s close. The trends of the
major indices in the course of Tuesday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Reduction in a key lending rate,
coupled with short covering and value buying, pushed up the Indian equity
markets on Tuesday. The key indices which opened on a higher note following
positive cues from Asian markets, held on to their gains after the Reserve Bank
of India (RBI) announced a 25 basis points cut in one of its key lending rates.
Buying was witnessed in interest-sensitive stocks in oil and gas, banking and
metals. The BSE market breadth was tilted in favour of the bulls -- with 1,689
advances and 1,156 declines. On the NSE, there were 826 advances, 615 declines
and 62 unchanged. The Total Investment
& Insurance Solutions
The Monetary Policy Committee of the
Reserve Bank of India (RBI) cut a key lending rate by 25 basis points on
Tuesday at the conclusion of its first meeting over two days, bringing much
relief to commercial banks and India Inc. With the decision, the repurchase
rate, or the short-term lending rate charged by the central bank on borrowings
by commercial banks, stands lowered to 6.25%. The reverse repurchase rate also
automatically stands lowered to 5.75%. This was the first meeting of the
new policy panel, constituted by the government with the primary mandate to
ensure a retail inflation of 4%, plus or minus a band of two percentage points.
The panel said in a statement that the decision taken on Tuesday was consistent
with an accommodative stance, with the objective of achieving the inflation
target. All six members of the panel, chaired by RBI Governor Urjit
Patel, voted in favour of the monetary policy decisions -- the minutes of which
will be released on October 18. The markets responded to the decision with a
spike in key indices. The Total
Investment & Insurance Solutions
The World Bank has said India's GDP
growth will remain robust at 7.6% in 2016 and 7.7% in 2017. "In India, GDP
growth will remain strong at 7.6% in 2016 and 7.7% in 2017, supported by
expectations of a rebound in agriculture, civil service pay reforms supporting
consumption, increasingly positive contributions from exports and a recovery of
private investment in the medium term," the multilateral lender said in
its latest report on South Asia Economic Focus released here on Monday.
"However, India faces the challenge of further accelerating the
responsiveness of poverty reduction to growth, promoting inclusion, and
extending gains to a broader range of human development outcomes related to
health, nutrition, education and gender," the report said. The Total Investment & Insurance
Solutions
Reliance Infrastructure (R-Infra)
said on Monday that it has, through share acquisition, converted, into
subsidiaries, its two earlier associate companies BSES Yamuna Power Ltd (BYPL)
and BSES Rajdhani Power Ltd (BRPL) that supply power to major parts of Delhi.
The two distribution companies (discoms) - BRPL and BYPL- "were previously
associates of the Company," BSES said in a stock exchange filing disclosing
the share acquisitions. "Through the acquisition, the target
companies have become subsidiaries of the company thereby strengthening the
control of the Company over the target companies," it said. "In
both the companies the shareholding has increased from 28.82 per cent to 51 per
cent through the acquisition," it added. R-Infra said that while BRPL had
a turnover of Rs 9,234.09 crore in 2015-16, BYPL had a turnover of Rs 5126.88
crore for during the same period. Reliance Infrastructure also said it has
similarly made subsidiaries of associate toll road companies SU Toll Road Pvt
Ltd, TD Toll Road Pvt Ltd. and TK Toll Road Pvt Ltd.
The company’s shares closed at
Rs589.75, down 1.04% on the BSE.
The top gainers and top losers of
the major indices are given in the table below:
 |
| Top Gainer (The Total Investment & Insurance Solutions) |
The closing values of the major
Asian indices are given in the table below:The Total Investment
& Insurance Solutions
 | |
| Asian Indices (The Total Investment & Insurance Solutions) |
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